Let’s take a look at what happened in the Reno-Sparks market for January 2019 in comparison to January 2018. This will help us understand what is happening in the market.
UNITS SOLD – In January 2019 there were 317 single family homes sold. This is down 21.9% from the 406 units sold in January 2018.
MEDIAN PRICE – The median price of homes sold was $362,000 which is up just slightly over the median of $359,950 last year.
NEW LISTINGS – We had 445 new properties list in January 2019. This is down 11.4% from the 500 that were listed in January 2018.
ACTIVE & AVAILABLE INVENTORY – In January we had significantly more homes for sale at 1,005 units compared to January 2018 where there were only 650 homes to choose from.
MONTHS SUPPLY OF INVENTORY – We use this to gauge how quickly properties might sell based on available inventory and how many homes have been selling. In January there was 3.2 months of available inventory. January 2018 we only had 1.3 months.
Our opinion on the market…….Despite having more than 50% more inventory to choose from many buyers did not take advantage of this increase in inventory by buying in January as noted by the lowest number of unit sales in 3 years. Prices have leveled off slightly but still remain higher which could be preventing some buyers from being able to afford homes in our market. Sellers are trying to “time the market” as noted by the number of new listing being down from last year. Could this be because there is more inventory and homes are taking a bit longer to sell? We’re thinking now is a great time to list as new listings and inventory is going to increase as we get into the Spring selling season. The Shocket Team can help you see the market for your home. Reno-SparksRealEstate.com
This data is provided by the Reno-Sparks Association of Realtors based on data supplied by the Northern Nevada Regional MLS.